Aided by Singles’ Day, the world’s largest shopping festival, China’s sales of consumer goods increased 5% year-on-year to 3.95 trillion RMB in November.
China’s steady increase in sales at the end of 2019, which grew by 8% in December, were hampered by the impact of COVID-19 earlier this year. Sales of consumer goods fell by 20.5% in January 2020 as the pandemic forced people indoors but have gained upward momentum in the second half of the year and have seen positive growth since August.
However, online sales have been positively impacted by COVID-19 as the pandemic has increased the demand for e-commerce and hastened China’s digitalisation. Compared to 2019, online retail increased by 11.5% between January and November. Shopping festivals, such as 520, 618 and Singles’ Day, have increased sales for brands and e-commerce platforms and boosted China’s retail sector.
According to a blue paper jointly released by the Chinese Academy of Social Sciences and Social Sciences Academic Press, China’s sales of consumer goods are predicted to increase by 4-5% in 2021.
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